We are thrilled to announce that our advocacy efforts have achieved results, bringing victories for BioForward members and the biohealth community! One of the values BioForward brings to members is our dedicated advocacy efforts. Annually, BioForward makes significant investments into advocacy to put our members in the best possible position to thrive.
2023 marks the State’s bi-annual budget cycle, and BioForward has been actively lobbying to increase the refundable R&D tax credit and eliminate personal property tax. We thank Governor Evers for putting both items in his budget and the legislature for adding these to the budget and Act 245. Through dedicated lobbying, we accomplished two objectives: an increase in the refundable R&D tax credit and the personal property tax elimination.
- Increased R&D Tax Credit Refundability: The Governor’s budget included an increase to 50%; the joint finance committee agreed on 25%. That’s a 10% increase over the previous 15% level and the most substantial increase since the credit was made refundable at 10%. The increase will become effective once the Governor signs the budget.
- Elimination of Personal Property Taxes: The 2023 Wisconsin Act-Assembly Bill 245, a comprehensive legislative package, has been signed into law. This bill includes the complete elimination of personal property taxes, effective January 1, 2024.
These budget outcomes mean that your company will be able to reinvest your hard-earned money back into your business. BioForward is proud to have delivered these wins to our industry and will stay committed to actively advocating for changes that help our industry grow. Let’s gear up for an exciting future where our advocacy continues to pave the way for innovation, growth, and prosperity.
- Other Advocacy Initiatives
- Education: We’re very pleased with funding increases for K-12 education and that the UW Eau Claire Science & Health Sciences building has been approved. However, disappointing is the exclusion of the much-needed UW Madison School of Engineering building from the allocated funds and potential reductions to the University System.
- All Co-Pays Count Legislation: Represents patients statewide whose health and finances are at risk from an unfair insurer policy that stops drug assistance programs from counting toward patient deductibles or out-of-pocket maximums. https://www.wi4patients.com/home This legislation has been moved to the fall session and will not be part of the budget package.
In our pursuit of advancing the biohealth industry in Wisconsin, we acknowledge the challenges faced on our advocacy journey. However, let it be known that setbacks will not deter us! We are thrilled that our collective efforts have been noticed, and will celebrate our accomplishments and forge ahead with endless determination. Our commitment to the biohealth industry and its future remains unshakeable.
View BioForward’s advocacy webpage to stay up-to-date on current efforts!
